Market Report
Raleigh Multifamily Market Report
2025 Investment Forecast
Supply Wave Distracts From Long-Term Prospects;
Thriving Tech Center Supports High-Income Job Growth
Well-educated renter base fosters strong apartment demand. Raleigh’s vacancy rate was just above 7.1 percent at the onset of 2025, a byproduct of elevated supply over the last two years. With another large completion slate scheduled for this year, the market may be further challenged. Balancing this influx, however, is solid demand. Net absorption is expected to set an annual record. Standout leasing will be driven by the metro’s highly skilled workforce, as approximately 45 percent of the population held a bachelor’s degree as of 2024. Raleigh’s Research Triangle Park will also continue to attract both white-collar professionals and large businesses like Apple, which is currently constructing a campus here with a 2031 completion schedule. As Triangle Park continues to grow, the limited land available for residential development in the vicinity may drive long-term expansion within neighboring submarkets such as South and East Durham, as well as Northwest Raleigh. A limited 2025 pipeline in these three submarkets, with a combined 1,500 new units, should aid leasing activity at existing properties amid localized population growth. Significant office development in the North Hills of Northeast Raleigh will be accompanied by over 2,000 new apartment units in 2025.
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